Oil and Natural Gas Corporation (ONGC) has rallied 4% to Rs 288 after reporting 60% year-on-year (y-o-y) growth in net profit of Rs 8,642 crore for the quarter ended September 2011 against Rs 5,389 crore in the year-ago period, on the back of higher crude prices and reduced subsidy outgo. Revenue was up 24.4% at Rs 22,687 crore on y-o-y basis.
Meanwhile, the board of the state-owned company has approved acquisition of Asian Development Bank's (ADB) stake in Petronet LNG.
A combined one million shares have changed hands on the counter in opening deals on both the exchanges.
